Castellum Gets Access to a Central Property in Stockholm

Castellum Gets Access to a Central Property in Stockholm

Castellum gets access to the property Sabbatsberg 24 in Stockholm on May 2, 2017, after the transaction was approved by Stockholm City Council.

PR Newswire

GÖTEBORG, Sweden, April 19, 2017

GÖTEBORG, Sweden, April 19, 2017 /PRNewswire/ –

The investment, announced in a press release February 1, 2017, amounted to approx. SEKm 780, after deduction for deferred taxes and transaction costs of approx. SEKm 27. The well-known property held earlier Stockholm Vatten´s head office and currently has a lettable area of approx. 11,500 sq.m, as well as unutilized building rights for approx. 1,500 sq.m.

Castellum, which has already owned a number of neighbouring properties for some time, plans to join the City of Stockholm and other property-owners in the area to create a big-picture concept for all of Torsgatan. Castellum’s primary intention for the Sabbatsberg 24 area is to create a living mixed-activity neighbourhood that adds more modern workplaces to very attractive locations.

“We look forward to developing the existing building as well as contributing exciting new commercial property areas to the heart of Stockholm“, says Henrik Saxborn, Castellum CEO.

The property has essentially been vacant since Stockholm Vatten changed location in March, 2016. This creates possibilities for the development of new, modern and attractive work-and-meeting places in central Stockholm, while conserving the heritage qualities of the building’s Art Nouveau architecture and decor.

“This is a comprehensive development project with the potential to create a high-profile property while retaining the building’s unique Art Nouveau character”, says Henrik Saxborn. “The location is fantastic and we’ll be able to carry out extremely efficient property management through coordinating with our existing holdings in the area.”

Castellum will finance the acquisition through existing, unused credit.

Castellum is one of the major listed real estate companies in Sweden. The fair value of the real estate portfolio amounts to approx. SEK 71 billion, and comprises of commercial properties for office, retail, warehouse and logistics with a total lettable area of approx. 4.3 million sq.m.

Castellum own and manage properties through one common brand in five geographical regions with strong local presence. The five geographical regions are: Central, North, Stockholm, West and Öresund.

In 2016, Castellum sustainability performance was awarded two top distinctions: First Prize for sustainability reporting in Europe from EPRA and Global Sector Leader, handed out by GRESB which means that Castellum is ranked first in the world within the office- and industrial-properties sector. Further Castellum has been selected as an index component of the Dow Jones Sustainability Indices (DJSI), which includes the companies in all industries in the world with best performance in terms of sustainability.